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RESULTS IN YOUR BUSINESS, FINANCIAL & TAXATION AFFAIRS
The 2016-17 Federal Budget announcements on superannuation have caused a lot of concern. These include: A $500,000 lifetime non-concessional contributions cap from Budget night A reduction in concessional contribution cap from 1 July 2017 The removal of the tax exemption on earnings supporting transition to retirement income streams (TRIS) from 1 July 2017 The extension of the 30% super contributions tax on high income earners Tax free super balances capped at $1.6m from 1 J
With the Federal Budget on 3 May and an election later this year, tax and tax reform are on the national agenda.... again. The upcoming Budget is likely to contain some of the anticipated structural reforms expected but shy away from the populist policy decisions touted in the media such as the removal of negative gearing. Much of the tax and tax reform debate in Australia is focussed on the position of various interest groups and how the national revenue ‘pie’ should be carv
If you are a high income earner, earn income from overseas, or have a large asset base, then, if the rumours have any truth to them, you’re in the firing line in the 2015/2016 Federal Budget. The Australian economy is coming off its resources boom ‘sugar hit’ and as Reserve Bank Governor Glenn Stevens said recently, “the government has little choice but to accept the slower path of deficit reduction over the near term.” The declining iron ore price has blown a $30bn tax recei
The Treasurer has said that, “It is vitally important, vitally important that a business, wherever it is located, pay tax in the jurisdiction where it earns the income.” In April, the UK introduced a 25% tax on diverted profits created by activity in the UK. The intent is to “target large multinational enterprises with business activities in the UK who enter into contrived arrangements to divert profits from the UK by avoiding a UK taxable presence and/or by other contrived a
The Assistant Treasurer has indicated that a bank deposits insurance tax will be introduced to create a fund to protect against a collapse of the banking industry. The concept was previously announced by Labor prior to the 2013 election. * The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professiona
The Economy It’s almost impossible to predict what the local and global economic environment has in store for us in 2015. The ‘who knows’ factor is adding to uncertainty and in general, business is not ramping up for growth but maintaining a ‘steady as she goes’ approach – meaning low investment and jobs growth. Outcome of the reserve bank board meeting The Reserve Bank of Australia ("RBA") have yesterday joined a chorus of other central banks and cut interest rates by a quar